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Authorised Investment Fund drops plan to buy stake in joint venture

Authorised Investment Fund Ltd. will not proceed with its planned acquisition of a 30% stake in AAA Programmatic Pty Ltd. after failing to secure an approval from the Australian government.

The Australian pooled development fund, which invests in small companies, did not say why the government's Pooled Development Fund Board rejected its acquisition plan.

Under the proposed deal, AAA Programmatic will issue to Authorised Investment Fund fully paid ordinary shares equal to 30% of the venture company's issued capital. In turn, Authorised Investment Fund will issue to the venture company 5.2 million fully paid ordinary shares at 30 Australian cents per share.